AML regulations are getting tougher. This report from Forrester highlights the top trends in AML for know-your-customer and other operations and provides guidance on how to respond.
Read about common AML challenges, learn insights based on data and customer experiences and get practical guidance on how to design your own automation approach to these issues.
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The stakes are higher than ever
As part of their anti-money laundering programs, banks must conduct a large number of Customer Due Diligence (CDD) checks when going into business with new customers and on a regular basis. In cases when higher-risk customers are involved, Enhanced Due Diligence (EDD) procedures must take place— for example, if a customer in question might be a Politically Exposed Person (PEP), or there are suspicious transactions.
In addition to the ongoing fears of potential damage to a bank’s reputation and continuously evolving threats, poorly executed AML operations create a number of other challenges:
Rising operational costs
Most AML activities require significant manual effort, making them inefficient and difficult to scale. In 2018, it cost the U.S. financial services industry $25.3B to manage AML.
Enforcement actions related to AML have been on the rise — up to about $6.2B in 2018.
Poor customer experiences
Compliance staff must have multiple touchpoints with a customer to gather and verify information, which means a longer deal cycle that might lead to customer churn.
Opportunity cost of losing new business
While a bank is under a potential compliance investigation, its activities might be suspended.
WorkFusion® solutions automate manual process within AML, including adverse media monitoring, ultimate beneficial owner search, legal entity structure and sanction screening alert disposition.
Intelligent Automation helps streamline AML operations
WorkFusion® AML automation solutions streamline manual process within Enhanced Due Diligence, including adverse media monitoring, ultimate beneficial owner search, legal entity structure and sanction screening alert disposition.
With intelligent AML automation, our customers achieve:
The bots are pre-trained to work with documents of various formats and the most popular applications used in AML processes, such as LexisNexis, Accuity, Dun & Bradstreet, Factiva and others, making sure you start to see results right away.
Want to learn more?
Read about WorkFusion® AML automation solutions and critical capabilities of Intelligent Automation, find more success stories, white papers and analysts reports on our website.
They will help you select the best use case for your business and demonstrate how to scale the automation further with Intelligent Automation Cloud.